It is that time of year where many of my client’s will give or receive a very sparkly gift from Santa.
I can’t deny that I get a little excited when a client calls to provide the specifics on their new diamond encrusted whatever.
That being said, now is also the time to start talking about insurance for those beautiful items.
I recommend everyone have at least some type of jewelry schedule or jewelry insurance. It should be a given when talking about homeowners insurance.
There are two ways to do a jewelry schedule, a blanket or an agreed value. Blanket requires less effort but agreed value will provide more definitive coverage.
If you are unsure which direction you should go you need to look at your jewelry collection.
Go home and pull out all of your jewelry pieces and lay them out on the bed. Decide which is your most inexpensive piece? Which is the most expensive piece? What items do you wear regularly? Do you keep any of the items in a safe? Knowing what you have will help you decide what is more important.
You can even do a combination of blanket and agreed value. The one thing I don’t recommend is no jewelry schedule.
Keep in mind that if you have no jewelry schedule, coverage will be found under your homeowners insurance. The missing item would be subject to the policy deductible. The minimum deductible with most insurance companies is $1,000. Also, you have to account for any limitation in the homeowners policy for lost or misplaced jewelry. The policy may limit coverage to $2,500 or $5,000, less the policy deductible. That can really hurt when your heirloom engagement ring disappears.
Before you go and buy your next piece of jewelry go get some type jewelry insurance in place. It is always better to be safe than sorry.
Halloween is quickly approaching. Whether you are trick-or-treating or staying home here are some quick safety tips…
- Drive extra slow and be especially alert in residential neighborhoods. Children are excited on Halloween and may move in unpredictable ways.
- Take extra time to look for kids at intersections, on medians and on curbs.
- Enter and exit driveways and alleys slowly and carefully.
- Eliminate any distractions inside your car so you can concentrate on the road and your surroundings.
- Drive slowly, anticipate heavy pedestrian traffic and turn your headlights on earlier in the day to spot children from greater distances.
- Popular trick-or-treating hours are 5:30 p.m. to 9:30 p.m. so be especially alert for kids during those hours.
Home Safe Home:
- To keep homes safe for visiting trick-or-treaters, parents should remove from the porch and front yard anything a child could trip over such as garden hoses, toys, bikes, and lawn decorations.
- Parents should check outdoor lights and replace burned-out bulbs.
- Wet leaves or snow should be swept from sidewalks and steps.
- Restrain pets so they do no inadvertently jump on or bite a trick-or-treater.
Have a safe and spooky Halloween!
Last week was pretty chaotic for me.
In all of that chaos I attended a town hall forum hosted by Maryland Insurance Administration (MIA).
For anyone not aware, we have a new Maryland Insurance Commissioner, Al Redmer, as of February 2015.
The purpose of the forum was to open a dialogue between the MIA and insurance professionals doing business in Maryland.
There were several topics discussed…
- When sending special notifications to Maryland policyholders to educate them on insurance, what notices should we include? What does the policyholder need to know? How do we help them make an informed decision when managing their insurance needs?
- Water back-up and water damage came up. Water back-up is the #1 home insurance claim across the country, and that will not change in the future. Do policyholders know what water back-up is, and what is flood? What kind of coverage are insurance companies providing to policyholders? What needs to change
- Maryland has experienced a variety of weather events lately; hurricanes, cyclones, tropical storms, etc. Weather events are creating a lot of claims, which in turn causes issues in rating and premium structures. MIA wants to know what insurance professionals feel is reasonable to help curve this cause of loss and create better rating structures in the future.
- With all of the technology today, Cyber Security is becoming very important for businesses. What are insurance professionals doing to reduce their chance of a data breach? Are policyholders, specifically businesses, purchasing cyber security insurance?
There were many other topics discussed but these are the big topics for the forum and are a serious concern for the insurance industry. Some of these topics are even being discussed at the federal level.
MIA is dedicated to helping Maryland policyholders navigate the insurance market and help them make an informed buying decision.
My policyholders get frustrated every day with insurance related issues; from claims, to billing, to coverages, to premium. I myself get frustrated every day on behalf of my policyholders.
There are individuals out their working hard to provide the appropriate types of insurance and help consumers make sense of insurance. They are also trying to be fair and do what is right for the greater good.
Whenever you have a concern about your insurance you should always reach out to your insurance agent to discuss it.
You can also find more information by visiting MIA at, http://www.mdinsurance.state.md.us.
Insurance is not easy, so ask a professional.